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Enforce Foreign Exchange Act On Dollarization



A member of the New Patriotic Party’s Operations Team Kwadwo Bamba has entreated the Bank of Ghana to strictly enforce the Foreign Exchange Act 20O6 of dollarization of the economy.

Under the Act, goods and services that are priced in dollars need explicit approval from the Bank of Ghana.

However it is common knowledge some services and goods are priced in dollars across the country.

Kwadwo Bamba says such actions have contributed to the continous depreciation of the cedi against the dollar.

The business community has for some weeks now bemoaned the depreciation of the cedi which according to them has affected their business.

Speaking in an interview Kwadwo Bamba wants the Bank of Ghana and the Economic Management Team headed by the Vice President Dr Bawumiah to put in pragmatic measures to stop the dollarization of the economy to strengthen the cedi.

He also wants the business community to also help the government’s effort by pricing their goods and services in Ghana cedis.


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